Two-Unit Duplex with Rear
For Sale
$349,900
91 Putnam Street, Buffalo, NY 14213
Separate apartments include updated kitchens, off-street parking, and outdoor space.
Property Size2,728 SF
Days on Market13
Property Features for 91 Putnam Street
General Information
Standard status
Active
Size
2,728 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,558
Amenities
updated kitchen
updated full bath
rear deck
fenced-in yard
Building Details
Building Size
2,728 SF
Year Built
1890
Buildings
1
Listing Agency:
Realty ONE Group Empower
(716) 553-9963
Listed By:
Robert Karp · License #10301218689
(716) 553-9963
Source:
Highfallssir
Added: Aug 12
Changed: Aug 24
Last Checked: Aug 24 at 2:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty ONE Group Empower
Investment Insights
Based on property information with market context.
Built in 1890, this two-family property includes a spacious lower apartment with 3 bedrooms, an updated full bathroom and kitchen, a half bathroom, a large living room, and an additional den or dining room. The upper residence spans two stories and offers 3 bedrooms, 2 full bathrooms, an updated kitchen, and a rear deck overlooking the fenced yard.
Recent property improvements include a tear-off roof, most replacement windows, and 2 brand-new furnaces. Off-street parking is also provided. The property is on Buffalo’s West Side near the Elmwood Village border, with Elmwood Avenue restaurants, bars, shops, and cafes nearby, along with Bidwell Park, Delaware Park, Buffalo State, art galleries, and Five Points.
Recent property improvements include a tear-off roof, most replacement windows, and 2 brand-new furnaces. Off-street parking is also provided. The property is on Buffalo’s West Side near the Elmwood Village border, with Elmwood Avenue restaurants, bars, shops, and cafes nearby, along with Bidwell Park, Delaware Park, Buffalo State, art galleries, and Five Points.
Key Highlights
- Two‑family property with a 3‑bedroom lower apartment and a 3‑bedroom upper residence
- Upper apartment includes 2 full bathrooms, an updated kitchen, and a rear deck
- Lower unit features an updated full bathroom and kitchen, plus a half bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,069
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$541,380
$541.4K
Cap Rate 7%
$386,700
$386.7K
Cap Rate 9%
$300,767
$300.8K
Market Conditions
NOI Build-Up for 2,728 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.9K $15.00/SF
− Vacancy
−$2.3K −$0.83/SF
EGI
$38.7K $14.17/SF
− OpEx
−$11.6K −$4.25/SF
NOI
$27.1K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$541,380
Cap Rate 7%
$386,700
Cap Rate 9%
$300,767
Alternative Uses
Best Use
Multifamily LT 5
$386.7K
$338.4K – $451.2K
NOI $27,069 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$656.0K
$574.0K – $765.4K
NOI $45,922 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,363
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate apartments include updated kitchens, off-street parking, and outdoor space.
Where is this duplex located?
The property is located at 91 Putnam Street Buffalo, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑family property with a 3‑bedroom lower apartment and a 3‑bedroom upper residence; Upper apartment includes 2 full bathrooms, an updated kitchen, and a rear deck; Lower unit features an updated full bathroom and kitchen, plus a half bathroom
